Market weighs ‘massive purchase’ of products by Venezuela’s PDVSA

24 Jun 2017   Venezuela

Venezuela’s PDVSA has issued a flurry of new tenders for oil products in the last few days and although the volume being sought at the same time is unprecedented, market reaction has been inconclusive about it being a reflection of low runs at the country’s refineries. “Never before have we seen this massive purchase of refined oil products, not in this volume,” a PDVSA source said. S&P Global Platts has seen at least seven of PDVSA’s tenders. Four of them are considered occasional for the purchase of up to 900,000 barrels of 10 ppm sulfur ULSD, 300,000 barrels of 95 RON blendstock, 300,000 barrels of 91 RON blendstock and up to 600,000 barrels of catalytic naphtha. Delivery of the cargoes is scheduled for July 1-20. The other three tenders are long-term purchases to be delivered from July to December. They are for 720,000 barrels of MTBE, up to 3 […]

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